Restructuring Your Existing Mortgage for a Better Deal
Compared to renters, homeowners are given unique opportunities to enjoy the benefits of investing in their property as they build their futures. For most Americans, a mortgage is the best way to achieve that dream. Traditional loans, however, can come with difficult monthly payments and interest rates which can be challenging for families with debt and less than perfect credit scores. To help make home ownership a little easier, the FHA not only provides competitive home loans, but also refinancing for all who qualify. Some popular FHA refinance options include:
Fha Cash-Out Refinance
For the homeowner whose property has increased in market value since its purchase, a cash out refinance is an excellent choice. It allows owners to refinance their existing mortgage by taking out another mortgage for more than they currently owe to close the gap.
Fha Streamline Refinance
This option allows homeowners to reduce the interest rate of their current home loan without an appraisal. The FHA Streamlined Refinance option has the added bonus of cutting down on paperwork that must be completed between the borrower and the lender which saves time and money.